Last week, the new S&P Case-Shiller Home Price Index for April 2014 was released. What did it show? Well, another bump in home prices for the five-county San Francisco metropolitan statistical area. Looking specifically at the most relevant issues to San Francisco, we turn to homes in the upper tier of home values, as most of the city’s are, and in that category prices are up approximately 2.2 percent over March, 17 percent in the past 12 months and 41 percent since the recovery first took root in early 2012.
Taking this as a basis for comparison, plus what we’ve already been seeing in the market, we at Paragon anticipate another bump in the forthcoming May 2014 Index, which is slated to come out at the end of July. During Spring 2014, we saw a true feeding frenzy in the San Francisco County real estate market – but be prepared since the market typically calms down as we come into the summer months. The accompanying chart (see it online here) depicts 2012-2014 San Francisco market recovery in the Case-Shiller “High-Tier” Price Index (where most of San Francisco’s properties lie).
Some other visual data points:
· S&P/Case-Shiller High-Tier Home Price Index, 1988-2014 real estate cycles here.
· San Francisco Real Estate Market Cycles, market surges and market declines, 1984 to present here.
Keep in mind, however, that statistics can only tell you part of the story. What they can’t do is take into account your own part of Bay Area paradise and your goals for achieving that dream. I can. Give me a call and let’s see how we can work together.
Dreaming of San Francisco? Cece Blase offers local advice to San Francisco buyers, sellers and owners– and feeds the dreams of those who wish they could live in Tony Bennett’s ‘City by the Bay.’ Call 415-577-0809 or email firstname.lastname@example.org. www.ceceblase.com